January home sales begin the year sluggish; market shifts to a “Buyer’s market”
SFRs
January 2024’s SFR sales came in at 5 homes sold—a 70.6% decrease from the number of SFRs sold in December. Year-over-year, January sales were down 64.3%.
January’s median sales price for SFRs fell to $1,370,000—a 35.5% month-over-month decrease. Year-over-year, January’s median sales price is down 37.7%.
The median list price for SFR homes in January 2024 was $1,499,000, yielding a sold-to-list price ratio of 91.4%.
January’s median DOM (days on market) came in at 50 days on market. For comparison, December’s median DOM was 110 days, and January 2024’s median DOM was 90 days.
Available inventory sits at 54 SFRs for sale—5 more than this time last month; and 8 more than this time last year.
January’s MSI (months supply of inventory) currently sits at 10.8 MSI—reflective of a “Buyer’s” market.
Pending sales currently sit at 10 listings under contract—two more than this time last month; but two fewer from this time last year. Pending sales represent homes that have accepted offers and are under contract, but the sale has not yet closed.
Condo/Townhomes
Turning to the condo/townhome market, 3 condos/townhomes sold in January. This number is eight fewer than December’s 11 condo/townhome sales; and is down 57.1% year-over-year.
The median sales price for condos/townhomes rose to $1,350,000 in January. That number represents a 8.1% increase over December’s condo median sales price; and 38.4% year-over-year increase.
The median list price for condo/townhomes in January 2024 was $1,175,000—resulting in a sold-to-list price ratio of 96.6%.
January’s median DOM (days on market) came in at 15 DOM for the month. For comparison, December’s DOM was 118 days, and January 2024’s median DOM was 50 days.
Available inventory sits at 39 condo/townhomes for sale—up 11.4% over this time last month; and up 39.3%, year-over-year.
January’s MSI (months supply of inventory) currently sits at 13.0 MSI—indicating a “Buyer’s” market.
Pending sales currently sit at only 9 listings—7 more than this time last month; and unchanged, year-over-year.
January’s data paints a picture of a shifting market in Incline Village/Crystal Bay, transitioning towards a buyer’s market with increased inventory. While the significant drop in SFR sales and median prices is notable, the condo/townhome market showed some resilience with price increases. As we move into the early months of 2025, it will be crucial to monitor buyer activity and how sellers respond to these changing conditions. The high MSI indicates buyers have more leverage, but the pending sales suggest potential interest is still present. Stay tuned for our next update as we track the evolving dynamics of this unique market.
Thinking of selling your Incline Village / Crystal Bay property and looking for guidance in the current market? Or, considering taking advantage of the market’s current buying opportunities? Schedule a consultation with us to obtain personalized advice on your real estate goals.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® and its Multiple Listing Service as of February 27, 2024. Note: This information is deemed reliable, but not guaranteed.
